Investors Trade 983m Financial Stocks Worth N9.4b in 5 Days

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Modupe Gbadeyanka Not less than $470 million was generated in the month of August 2018 from the sale of crude oil and gas by the Nigerian National Petroleum Corporation (NNPC). According to the federal government owned oil agency, the figure showed that this was $78 million higher than what was realised in the month of July 2018, $391.9 million. NNPC Monthly Financial and Operations report for August 2018 indicated that crude oil export sales contributed $337.62 million which represents 71.83 percent of the dollar transactions compared with $283.43 million contribution in the previous month. In the report released in

By Dipo Olowookere Former President of Nigerian Institute of Public Relations (NIPR), Mr Rotimi Oladele, has disclosed that former Minister of Finance, Mrs Kemi Adeosun, who resigned last Friday for being in possession of a fake NYSC exemption certificate, should not be prosecuted for the crime, but rather be pardoned. In a statement signed by him to SpyeTV, Mr Oladele said, “To the question whether Kemi Adeosun should be prosecuted, my answer is NOT at all because she has commenced repudiation cycle of Reputation management. “She should be guided by a PR coach to complete the cycle and bounce into

By Dipo Olowookere Nigerian stocks returned to the territory of the bears on Tuesday after depreciating by 0.01 per cent at the close of transactions by 2:30 pm. Renewed profit-taking in Oando, Access Bank, UBA, UAC Nigeria and 11 others weakened the market and caused the All-Share Index (ASI) to decrease by 6.14 points to 42,388.57 points from 42,394.71 points and depleted the market capitalisation by N3 billion to N22.126 trillion from N22.129 trillion. The energy and banking sectors depreciated yesterday by 0.45 per cent 0.43 per cent, while the insurance, consumer goods and industrial goods counters appreciated by 1.17

By Adedapo Adesanya The Naira weakened against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, November 8. Data showed that the domestic currency depreciated at the spot market by 25 kobo or 0.06 per cent yesterday to close at N414.55/$1 compared with N414.30/$1 it traded at the previous session. This happened on the back of a 73.7 per cent rise in the demand for forex, according to data obtained by Business Post from FMDQ Securities Exchange. It was observed that the value of transactions for the trading session stood at

By Adedapo Adesanya Schneider Electric has reinforced its commitment to enhancing Nigeria’s energy sector with authentic and sustainable high-quality products, with a new Anti-counterfeit Campaign as part of efforts as a global leader in electrical and digital solutions. The campaign aims to increase consumers’ confidence in the integrity, dependability, and safety of  Schneider Electric products through quality control procedures and tools to ensure a consistent standard of excellence. Amidst the recent challenges in the fuel supply, Schneider Electric’s energy solutions have proven to be authentic, efficient, and sustainable. These solutions are built on a foundation of authenticity, according to the

By Modupe Gbadeyanka The U.S. Trade and Development Agency awarded a grant to the Ghanaian company, Buipe Solar Limited, in support of a feasibility study for a 20 megawatt solar photovoltaic plant in northern Ghana. Ghana has tremendous solar energy potential, and this project will help the country capitalize on that potential. The solar plant will produce affordable energy while diversifying the country’s energy supply, making it more resilient. Buipe Solar selected the U.S. firm, WSP | Parsons Brinckerhoff (New York), to conduct the feasibility study. The project presents a U.S. export potential of up to $17.4 million in PV

By Modupe Gbadeyanka Premier Lotto, a betting company run by Nigeria’s gambling mogul, Mr Kessington Adebutu, otherwise known as Baba Ijebu, has been accused of shortchanging government by not paying the appropriate taxes. A politician from Mr Adebutu’s home state, Ogun State, Senator Buruji Kashamu, who operates a rival betting company, Western Lotto, wrote a petition to the Economic and Financial Crimes Commission (EFCC), accusing the firm of tax fraud. In a report by Premium Times, it was stated that the petition was written in December 2019 and Mr Kashamu, who is wanted for an unrelated drug offense in the

By Modupe Gbadeyanka FrieslandCampina WAMCO Nigeria Plc has appointed Mr Ben Langat as the Managing Director of the company. He takes over from Mr Rahul Colaco, who is now the Executive Director of Business Group China. His appointment, according to the firm, takes effect from March 13, 2017 and he will be expected to report to the Chief Operating Officer, Consumer Products Europe, Middle East and Africa, Mr Roel van Neerbos, from his base in Lagos. Mr Langat has over 24 years work experience spanning various senior management roles in Unilever Kenya, Malawi and Ghana respectively. Until June 2016, Mr